DUTIES ACT 2000 - SECT 69AG Election to receive young farmer exemption/concession or principal place of residence concession

DUTIES ACT 2000 - SECT 69AG

    (1)     This section applies to a young farmer who, but for this section, in respect of a transfer of an estate in fee simple in farmland, would be entitled—

        (a)     to an exemption or concession from duty under section 69AD; and

        (b)     to a concession from duty under section 57J.

    (2)     The young farmer, by notice in writing to the Commissioner, must elect to receive—

        (a)     the exemption or concession under section 69AD; or

        (b)     the concession from duty under section 57J.

    (3)     If the young farmer elects to receive a concession under section 57J, or does not make an election under this section, he or she is not entitled to the exemption under section 69AD in respect of the transfer.

S. 69AH inserted by No. 28/2011 s. 19.